Gulf Keystone says shareholder proposes four new directors

LONDON, June 20 (Reuters) - Gulf Keystone Petroleum, a Kurdistan-focused oil explorer, said one of its shareholders had proposed four additional directors for election to the board.

The company, which is seeking to move to the main list of the London Stock Exchange, said M&G Recovery Fund had written to it to propose that Thomas Counter Shull, John Bell, Philip Anthony Dimmock and Jeremy Benjamin Gerald Asher join as new directors.

M&G Investment Management owns a 5.11 percent stake in the company.

“The company is reviewing the information it has received and will communicate its recommendations to shareholders at the time of circulation of the AGM resolutions which will be posted to shareholders on 28 June 2013,” it said.

Gulf Keystone also said on Thursday that it had held preliminary interviews for a new chairman.

As part of its attempt to move on to the main list, the company is searching for a chairman having said in May it would split its chief executive and chairman roles.

The explorer said it expected a judgement in a lawsuit over its ownership of giant oil fields in Kurdistan to come later this year. It is being sued by Excalibur which claims it is legally entitled to a stake of the assets. The company previously guided that it expected a judgement in June.

Gulf Keystone posted a loss after tax of $81.8 million in 2012 on revenues of $32.2 million.

The company is at the early stages of developing its oil field. It produced 832,859 barrels of oil last year but is aiming to increase output to 40,000 barrels of oil per day by the end of this year.